Consumer Financial Protection Bureau

Baltimore police arrested five people last week accused of impersonating city tax collectors and going to the homes of elderly residents to rob them. These are disturbing allegations. But apparently, scam artists who pretend to have ties to the government so they can take advantage of older consumers aren't all that rare. That's what senior advocates are telling the Consumer Financial Protection Bureau, the federal agency with a mandate to promote financial literacy among those 62 and older and protect them from fraud and abuse.

Most of us don't buy cars all that often. So when we do, we can come away with that nagging feeling of not knowing whether we got a fair deal or grossly overpaid. "We don't negotiate much at all as Americans, so suddenly we find ourselves negotiating for not only a very expensive product, but a very complicated product," says Jack Gillis, author of "The Car Book. " "We are matching wits with a seasoned professional who negotiates all the time and has actually been trained in negotiating.

To: Richard Cordray, Director Consumer Financial Protection Bureau Dear Mr. Cordray: First, congratulations on your appointment to lead the Consumer Financial Protection Bureau. Unless the banking interests have their way, your appointment is expected to last at least through the end of next year. And now with a director in place, the agency will be able to exercise its full powers to oversee such groups as payday lenders, credit bureaus and private education lenders. Granted, you have a lot on your plate, but here are a few suggestions on where to focus your attention: Payday lenders They provide advances on paychecks, and the fees charged are the equivalent of an annual interest rate of a few hundred percent.

Borrowers overwhelmed by private student loan debt often discover an ugly truth too late — these loans can't be discharged in bankruptcy like other types of consumer loans. A new report on private student loans by the Consumer Financial Protection Bureau and the U.S. Department of Education suggests it may be time to change that. The agencies say these loans offer so little flexibility to struggling borrowers that Congress might consider revising the bankruptcy law given today's tough economy.

The Consumer Financial Protection Bureau will hold a hearing in Baltimore on Thursday, Jan. 10, to talk about mortgage policy. This will be the first field hearing by the agency in Baltimore. It's open to the public. Consumers can get a chance to hear CFPB Director Richard Cordray - and hopefully get to question him - and hear a panel of consumer advocates, industry players and financial experts talk about mortgages. The 11 a.m. event will be held at Westminster Hall, 519 W. Fayette St.

The Consumer Financial Protection Bureau opened its doors for business today. It's taking complaints on credit cards. You can lodge your grievance on the bureau's website . But you also can chat live with a staffer, too, online. I checked it out. My questions weren't about a personal problem, but I thought I would test it and asked other questions about the site. Because I'm with the press, the staffer referred me to the press office. But the response was quick. If you try it out, let us know how it goes.

Senate Minority Leader Mitch McConnell is accusing President Obama of acting "arrogantly" in his recent recess appointment of Richard Cordray as head of the Consumer Financial Protection Bureau ("Obama picks consumer chief," Jan 5). I would say that "arrogance" more closely describes the character of Senator McConnell himself. Was it not "arrogant" for him to make it a point of announcing from the beginning that the goal of the Republican Party was to make Mr. Obama a one-term president?

Interesting case going on in a federal district court in eastern district of Pennsylvania. A woman sued General Information Services, Inc., a credit reporting agency, for reporting dismissed criminal charges against her that were more than seven years old. Usually, negative information comes off after seven years. She says her rights under the Fair Credit Reporting Act have been violated. The company argues that it has a first amendment right to publish the information, based on a recentU.S.

The Consumer Financial Protection Bureau has revised rules on the 2009 CARD Act, paving the way for non-working spouses and partners to qualify for credit cards. The Credit Card Accountability Responsibility and Disclosure Act was designed to rein in some of the egregioius practices of card issuers, such as handing out lines of credit to college students who didn't even have jobs. The banks counted on mom and dad to step in if junion got in over his head. One of the provisions of the law, though, was that a card company had to make sure consumers had the ability to pay before issuing them a credit card or raising their credit limit.

The new Consumer Financial Protection Bureau has teamed up with the Treasury Department and - this is a mouthful - the Office of the Special Inspector General for the Troubled Asset Relief Program - to shutter mortgage modification scams. Regulators say troubled homeowners trying to apply for the federal Home Affordable Modification Program have been tricked by companies collecting fees for false promises to lower mortgage debt or monthly payments.  The regulators put out a consumer alert with these tips:   -     You can apply to the Home Affordable Modification Program for free at 888-995-4673 or online.